Market
September 13, 2023
CRU: Resumption of Trade Leads to Higher Turkish Scrap Import Prices
Written by Rosy Finlayson
Turkish scrap import prices rose due to conclusion of several deals towards the end of last week as key buyers and sellers re-entered the market. CRU’s latest price assessment for HMS1/2 80:20 is $374 /metric ton CFR, up $6 /metric ton week-over-week (WoW) and $22 /metric ton month-over-month (MoM).
The increase in Turkish scrap prices was primarily supported by recent upward price movements in the USA due to tighter supply of certain grades. European prices also edged up slightly – varying by country – as steelmakers returned to the market after summer holidays.
Meanwhile, in the Asian scrap market, offers for H2 to Vietnam remained stable WoW at around $395 /metric ton CFR but buying indication rose slightly to $380–385 /metric ton CFR. Many buyers are taking a wait-and-see approach to gain better clarity on where near-term prices are headed.
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